MORE SHAREHOLDERS FOR RANK PLC

14 December 2007

Property group Richardsons has bought 9.3 percent of gambling group


The UK gambling group Rank plc, which has successful online gambling operations, has been the centre of attention on the London market over the past two weeks, first rejecting an attempt by US giant Harrah's to acquire a 28 percent interest, then having to accept the accretive acquisition of 10 percent of its shares by Malaysian casino group Genting Berhad.

Now the UK property group Richardsons Capital has announced that it has achieved a 9.3 percent interest in Rank via a contracts for difference (CFD) deal.

Apparently undeterred by market fears of the impact of smoking bans and over-taxation, Lee Richardson, a director at the UK-based firm, was quoted in the UK Sunday Times this weekend as saying: “I think Rank is grossly undervalued. It is a strong company and a strong brand. It was time to get the cheque book out. It’s an investment decision and that’s it.”

Richardsons is thought to be a long-term investor in Rank. The firm has previously built both [land] casinos and bingo halls for the company.

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